In a previous blog entry, I wrote a bit on debugging, albeit, debugging remotely. I wanted to also point out some MS references for debugging besides the debugger in VS: http://www.microsoft.com/whdc/devtools/debugging/default.mspx. Most notably, dump snapshots are examined. This is an alternative to debugging locally or remotely. In fact, you are not actually debugging (a) live process(es). (WARNING: mini dumps are not so "mini" in file size).
In a world where we are constantly battling between the tradeoffs of performance vs. resource usage, this MSDN article provides a great reflection on half of the battle: Investigating Memory Issues.
NOTE: PerfMon is our friend. The father of the Regulator, Roy Osherove, also created a tool called Perf+.